"When you're looking ahead to retirement, the limitations of Social Security are one of the key things to be aware of. The sad reality is, Social Security is only going to replace around 40% of your pre-retirement income. It is up to you to provide the rest of the money that you will need for a secure retirement. Most experts recommend that you replace a minimum of around 80% to 90% of the amount that you were earning before retiring,"
"You have a number of options for where to get this extra money. For many people, an annuity can be an ideal choice. Annuities are contracts with insurance companies that guarantee you a certain amount of income. You pay premiums or buy an annuity for a lump sum in exchange for guaranteed future income. They can be a great option for many seniors as an add-on to their Social Security benefits in retirement."
Social Security will replace roughly 40% of pre-retirement income, requiring individuals to supply the remainder for a secure retirement. Experts commonly recommend replacing 80% to 90% of pre-retirement earnings, necessitating a substantial nest egg. Annuities are insurance contracts that provide guaranteed income in exchange for premiums or a lump-sum purchase. Options include paying over time or with a lump sum, variable or indexed products, and income guarantees for a set period or for life. Annuities allow customization of payment timing and structure while offering more predictable income and less volatility than stock investments.
Read at 24/7 Wall St.
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